Todd Boehly and his consortium have taken over Roman Abramovich’s football club
Last updated 3 hours ago
Chelsea Football Club is officially under new ownership today as LA Dodgers co-owner Todd Boehly and his consortium completed the sale.
The £4.5bn takeover was carried out, with the net proceeds going towards humanitarian efforts in Ukraine.
The previous owner, Russian oligarch Roman Abramovich, is unable to make any money from it as he has been sanctioned for apparent ties to Vladimir Putin.
New property of Chelsea football club
Russian-Israeli billionaire Abramovich’s 19-year tenure as owner of Chelsea has now come to an end.
The 55-year-old led Chelsea to 21 trophies and changed the face of English football forever with his big investment and drive for success.
Abramovich officially put the club up for sale on March 2, amid Russia’s ongoing invasion of Ukraine.
The British government then imposed sanctions on Abramovich on March 10, claiming to have proved his ties to Vladimir Putin.
Chelsea were able to continue operating thanks to a strict, temporary government license with Abramovich’s other British assets frozen.
Downing Street, the European Union and the Portuguese government had to issue new licenses for the sale to go through.
Swiss billionaire Hansjorg Wyss and US tycoon Mark Walter are the other main members of the consortium.
Clearlake Capital co-founders Eghbali and Jose Feliciano expressed their delight at completing the deal for Chelsea and immediately hinted at a bright future.
“We are delighted to provide the resources to continue Chelsea’s leadership in English and global football and as a driver for the development of football talent,” Eghbali and Feliciano said in a joint statement.
“We would also like to thank the authorities for all their work throughout the process.
“As pioneers in sports and media investing, we are delighted to be working with Todd and the rest of the consortium to meaningfully grow the club as a global platform.
“Together we will scale up the club’s investments in infrastructure, technology and sports science to support Chelsea’s incredible football and commercial squads – all with the aim of leveraging that growth to achieve even greater success on the pitch .”
Who takes over Chelsea Football Club?
Los Angeles Dodgers co-owner Boehly will share “joint control and equal leadership of the club” with lead partner at investment firm Clearlake Capital.
Boehly will serve as chairman of the holding company, cementing his status as controlling owner – a lineup achieved due to his robust working relationship with Clearlake CEO Behdad Eghbali.
“We are honored to become the new keepers of Chelsea Football Club,” said Boehly.
“We are 100 percent in every minute of every game, our vision as owners is clear: we want to make the fans proud.
How much did Chelsea Football Club sell for?
Todd Boehly has vowed to build on Chelsea’s “remarkable track record” after completing his £4.25billion purchase of the Stamford Bridge club.
The 48-year-old US tycoon’s consortium finally took the helm at Stamford Bridge today after completing the record-breaking purchase of the sports franchise from Roman Abramovich.
Boehly’s consortium battled 11 serious rivals to become the new Chelsea owners in a sales process that began on March 2 and involved more than 250 requests.
The consortium, led by Todd Boehly, Chairman and CEO of Eldridge, and Clearlake Capital Group, LP, announced the completion of the club’s ownership transfer.
The consortium also includes Hansjorg Wyss, founder of the Wyss Foundation, and Mark Walter, co-founder and CEO of Guggenheim Capital.
Walter and Boehly own the Los Angeles Dodgers, Los Angeles Lakers and Los Angeles Sparks and the transaction has received all necessary UK Government, Premier League and other regulatory approvals.
Under the terms of the agreement, Boehly and Clearlake will share joint control and equal leadership of the club, with Boehly serving as chairman of the holding company.
What are Chelsea FC’s plans?
Boehly and Clearlake are committed to investing in key areas that will expand and improve Chelsea’s competitiveness, including the redevelopment of Stamford Bridge, further investment in the academy, women’s team and Kingsmeadow Stadium.
Boehly said: “Alongside our commitment to developing the youth team and attracting the best talent, our action plan is to invest in the club for the long term and build on Chelsea’s remarkable track record.
“I would like to personally thank the ministers and officials in the UK Government and the Premier League for all their work to make this happen.”
The owners will also continue the important work of the Chelsea Foundation, Behdad Eghbali and Jose E. Feliciano, Co-Founder and Managing Partner of Clearlake said: “We are delighted to provide the resources to continue Chelsea’s leadership in English and global football. and as an engine for the development of football talent.
“Moving forward, planning for next season”
Dan Silver is from Chelsea Supporters Trust: “It’s just a deal for everyone associated with the club.
“It’s going to be great, we have new ownership, we can move on and start planning for next season.
“It’s nothing compared to what’s going on in Ukraine, but the football club is such an important part of so many people’s lives.”
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